Sunday, June 10, 2012

Car Loan Tips for College Students

If you are a college student looking to purchase a car, then you should follow a few important car loan tips to get the best deal. As a college student you often have limited income and limited credit profiles, so it can be difficult to get a great interest rate.

CHECK YOUR CREDIT

It is essential to check your credit report before car shopping. Know your score and shop around for the best rates. If you have no credit, or very little credit, it can be hard to get a loan. Try building a short credit history with a secured credit card before applying. Often six months will be long enough to show payment history.

APPLY TO A CREDIT UNION

There are many colleges that offer memberships. Whether your school has one or not, check with your town or state to see if they offer one. You will get  great car loan rates just by opening a savings account with them.

GET A CO-SIGNER

If possible, having a parent co-sign can help tremendously. Not only will you likely be approved, but you will have a lower interest rate and a lower payment.
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